v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to our legacy environmental liabilities, as such liabilities are not related to current business activities; or corporate organizational and functional expenses of a governance nature. Corporate expenses consist of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices.
The Company’s segments maintain separate financial information. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on operating profit. We currently have two reporting segments: Aerospace & Advanced Technologies and Process Flow Technologies.
A brief description of each of our current segments is as follows:
Aerospace & Advanced Technologies
The Aerospace & Advanced Technologies segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions.
Process Flow Technologies
The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.
Financial information by reportable segment is set forth below:
(in millions) December 31,202520242023
Net Sales:
Aerospace & Advanced Technologies$1,048.9 $932.7 $789.3 
Process Flow Technologies1,256.1 1,198.5 1,072.8 
TOTAL NET SALES$2,305.0 $2,131.2 $1,862.1 
Cost of Sales:
Aerospace & Advanced Technologies$631.8 $574.4 $495.2 
Process Flow Technologies700.4 689.0 615.9 
TOTAL COST OF SALES$1,332.2 $1,263.4 $1,111.1 
Engineering, selling and administrative:
Aerospace & Advanced Technologies$154.6 $149.3 $135.1 
Process Flow Technologies292.2 269.2 248.4 
Corporate101.8 93.5 117.1 
TOTAL ENGINEERING, SELLING AND ADMINISTRATIVE$548.6 $512.0 $500.6 
Operating profit:
Aerospace & Advanced Technologies$262.5 $209.0 $159.0 
Process Flow Technologies263.5 240.3 208.5 
Corporate(101.8)(93.5)(117.1)
TOTAL OPERATING PROFIT$424.2 $355.8 $250.4 
Capital expenditures:
Aerospace & Advanced Technologies$20.9 $10.6 $9.7 
Process Flow Technologies32.6 26.0 29.1 
Corporate— — 0.2 
TOTAL CAPITAL EXPENDITURES$53.5 $36.6 $39.0 
Depreciation and amortization:
Aerospace & Advanced Technologies$17.8 $22.3 $13.9 
Process Flow Technologies32.3 28.6 21.4 
Corporate0.1 0.1 0.1 
TOTAL DEPRECIATION AND AMORTIZATION$50.2 $51.0 $35.4 
Net sales by geographic region:
(in millions) December 31,202520242023
Net sales (a)
United States$1,368.8 $1,210.0 $1,052.4 
Canada76.2 72.8 65.3 
United Kingdom149.1 137.7 120.3 
Continental Europe390.1 390.9 325.6 
Other international320.8 319.8 298.5 
TOTAL NET SALES$2,305.0 $2,131.2 $1,862.1 
(a) Net sales by geographic region are based on the destination of the sale.
Balance sheet items by reportable segment is set forth below:
(in millions) December 31,20252024
Goodwill:
Aerospace & Advanced Technologies$248.6 $248.5 
Process Flow Technologies435.3 413.1 
TOTAL GOODWILL$683.9 $661.6 
Assets:
Aerospace & Advanced Technologies$936.3 $896.2 
Process Flow Technologies1,326.0 1,265.0 
Corporate(a)
1,591.1 262.8 
Assets held for sale— 217.9 
TOTAL ASSETS$3,853.4 $2,641.9 
(a) For the year ended December 31, 2025, Corporate Assets include $1,223.3 million restricted cash.
Long-lived assets by geographic region:
(in millions) December 31,20252024
Long-lived assets (a)
United States$188.1 $180.2 
Europe102.4 90.9 
Other international46.1 49.6 
Corporate7.0 9.7 
TOTAL LONG-LIVED ASSETS$343.6 $330.4 
(a) Long-lived assets, net by geographic region are based on the location of the business unit.